**5. Conclusions**

In this chapter, the performance of stock markets in Visegrad countries after their EU accession was studied. Results of the analysis indicate that there were differences between the performance of the Slovakian stock market and the performance of noneuro-area member states. In the case of all four markets, three significant breakpoints in variance were identified. These breakpoints reflect the beginning of the US subprime crisis, the end of the euro area sovereign debt crisis and, the results of the Brexit referendum.

Stock markets in the CEE-4 countries turned out to be informationally efficient in three of four subperiods. Hypothesis about informational efficiency was rejected only in the case of Poland and Hungary and in the crisis period. In the case of the Czech and Slovakian stock market, there were no grounds to reject hypothesis about their efficiency. Results of three statistical tests confirmed it.

Stock markets in Poland and Hungary were more sensitive to changes of rates of return on DAX. However, in the stable period after 2012, correlation between shocks generated by Poland, the Czech Republic, and Hungary and shocks generated by Germany was much weaker than in earlier years. Integration of the Slovakian stock market with capital markets of developed economies did not decrease in the post-crisis period.

**Author details**

Poland

**147**

Wojciech Grabowski

Department of Econometric Models and Forecasts, University of Lodz, Lodz,

*Stock Markets of the Visegrad Countries after Their Accession to the European Union*

*DOI: http://dx.doi.org/10.5772/intechopen.92102*

© 2020 The Author(s). Licensee IntechOpen. This chapter is distributed under the terms of the Creative Commons Attribution License (http://creativecommons.org/licenses/ by/3.0), which permits unrestricted use, distribution, and reproduction in any medium,

\*Address all correspondence to: wojciech.grabowski@uni.lodz.pl

provided the original work is properly cited.

## **Acknowledgements**

The chapter was written with the financial support of National Science Centre, Poland, under Grant No. 2015/19/D/HS4/03354.

*Stock Markets of the Visegrad Countries after Their Accession to the European Union DOI: http://dx.doi.org/10.5772/intechopen.92102*
